Investment in Canadian building construction up 5.9 percent in March

Wednesday, 12 May 2021 21:55:28 (GMT+3)   |   San Diego
       

According to Statistics Canada, total investment in building construction increased 5.9 percent to $18.6 billion in March, led by the residential sector.

Residential construction investment increased for the eleventh consecutive month, up 7.6 percent to $14.0 billion in March.

Investment in single units jumped 10.7 percent to $7.8 billion. Quebec led the way with an increase of 30.4 percent, bringing investment in single homes to $1.9 billion for the province. Investment in Ontario was up 9.8 percent to $3.3 billion, driven by renovations to single family homes in the census metropolitan area of Toronto.

Growth in multi-unit construction continued, up 3.9 percent to $6.2 billion. Gains in Quebec and Ontario led the overall increase in this component, as six provinces reported declines. Both new construction and renovations of condominiums and apartments in the cities of Toronto and Montréal accounted for most of the growth.

Non-residential construction investment rose 1.1 percent to $4.6 billion in March, with all components posting slight increases. Despite this gain, the commercial and industrial investment components were below pre-COVID-19 pandemic levels.

Institutional construction investment was up 2.2 percent to $1.2 billion. Multiple high-value projects in Montréal contributed to a 2.6 percent increase in Quebec, where investment totalled $315 million in March. Investments in the province included a new elementary school in Laval and renovations to a secondary school in Montréal. British Columbia recorded another strong month in March, with the continued construction of new schools in Burnaby, North Vancouver and Vancouver.

Commercial building construction rose 0.8 percent to $2.6 billion. Six provinces recorded slight gains, led by Ontario and Alberta. Large office building renovation projects in Edmonton and Calgary contributed to the 1.7 percent gain in Alberta in this component.

Investment in industrial construction edged up 0.4 percent to $823 million in March. Increases in Ontario, British Columbia, Prince Edward Island and Quebec offset six provincial declines.


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